You Can Quickly Add $5,000 More Per Month to Your Lifestyle Business Income
If you spend any time in entrepreneurial circles, it’s common to hear about entrepreneurs who are frustrated by the lack of revenue in their business. Your income and the ability to pay your bills fall on what your business does. There are ways to create income stability as an entrepreneur but it’s not the same as having a job. Entrepreneurs, knowing this, put in more work but more hours in your business doesn’t always translate to more revenue and income.
A lifestyle business is your opportunity to build freedom and financial security in a business with multiple revenue streams and passive income. The focus of a lifestyle business is keeping the “life” part first. Th building blocks of kind of business are selling online courses, coaching clients virtually, creating content in multi-media formats, paid speaking gigs, corporate consulting, selling books and products, travel and passive revenue streams -- mainly online.
If you operate a traditional brick-and-mortar business, you have the opportunity to add many of these elements to your business. Either way, there are three revenue streams you can add to what you’re already doing to add $5,000 (or more) a month to your bottom line. These strategies are used successfully by lifestyle entrepreneurs every day.
Remember, this all begins with building an audience (and customer base) by adding value to through free content and training. As you build your email list, social media presence, and local network, your revenue naturally grows as you market your offers to a growing potential customer base.
Host an online masterclass
The time and age we live in offers the opportunity to train on your topic virtually—and in many forms. One way to train and generate extra revenue is an online masterclass. I say “master” because this is a one-off training. You schedule a training on one day in the month for a specified amount of time—generally one to four hours. During that time, you train the students on one aspect of what you teach in your business.
You can charge anywhere from $97 to $497 for the masterclass. You charge slightly less than normal because you don’t offer ongoing support for this type of training. This type of training is popular for entrepreneurs and customers. You can spend time planning out the training, and once you give it, that’s it. If you deliver good value in the training, it’s very likely the customer will want to upgrade to your more in-depth training.
It’s a great way to create potentially loyal customers in your pipeline. You can run these masterclasses once-a-month or multiple times a month. Get five to ten clients and you can get close to that $5,000 a month number already. Even if you have a smaller presence online, good sales offers and marketing could get your students quickly and consistently. Be sure to offer masterclasses that teach on practical topics. Customers love to invest in practical and tactical training.
You can use software such as Zoom or Start Meeting to host the class. You can use ClickFunnels to set up the landing and sales pages. You can use Stripe or PayPal to process single or recurring payments. Or, you can use whatever software that works best for you. There are many cost-effective options available.
Run a dedicated group coaching program.
When you think of coaching, you probably think of working with a client one-on-one. Creating a group coaching program allows you to work with more clients and generate more revenue. There are things you teach and train on that apply to many people and could be taught to many customers at once. You can set this group program to run over the course of a month in which you teach a specific tactic or stagey. You would charge anywhere from $250 to $2,000 a month for a customer to join.
For example. It can be a program on how to get healthy -- a group setting could be good for that. You can teach different aspects of digital marketing, how to write, the basics of accounting, how to be a better communicator and so many more topics. The software and systems I mentioned in the first point can be used to for your new group coaching program. All of the software options would be paid for with just the first person who joins. Everyone who joins after that is profit.
Help more customers at once and increase your earning potential while using the same amount of time. You can add the element of a private Facebook group to share wins, homework, updates, and for members to mastermind with each other.
Create digital guides.
Since we live in the digital age, you no longer have to publish content on paper. You can create information and sell it digitally. “Guides” are typically 5,000 to 20,000 words covering a strategic aspect of what you teach. They also can be audio or video guides. For example. You can create a guide on how to lose 10 pounds. A guide on how to use Facebook advertising. A guide on how to learn Spanish.
You get the point.
You can create these guides quickly. You can do them yourself or hire a ghostwriter. You can hire someone on services such as Fiverr to make the guides professional and visually appealing. You can sell the guides from $5 to $100. These guides can be sold on your website 24/7. Since the price is lower, it’s a customer’s cost-effective way to purchase your training. Selling these guides consistently can help you add thousands of extra dollars to your bottom line.
These are three ways to add an extra $5,000 a month in revenue. There are so many more and the Internet offers entrepreneurs the opportunity to create and sell. Software allows you to create multiple revenue streams with some of them being passive. Use what we have available today to add dollars to your business. It's an attainable goal.